According to a press release from the office of Virginia Governor Glenn Youngkin , the Virginia Economic Development Partnership worked with the City of Chesapeake, the Hampton Roads Alliance, and the Virginia Maritime Association to secure the project for Virginia. The Governor approved a $13.2 million (approx. €12.2 million) grant from the Commonwealth’s Opportunity Fund to assist the City of Chesapeake with this project. The company is eligible to receive state benefits from The Port of Virginia Economic and Infrastructure Development Zone Grant Program.
LS GreenLink’s subsea cable facility is expected to create over 330 full-time jobs , according to the Governor.
“LS GreenLink’s investment in Virginia will showcase the Commonwealth as a leader in offshore wind industry manufacturing,” said Governor Glenn Youngkin. “LS GreenLink has recognized that Virginia has the skilled talent, world-class logistics location, and business environment that will allow it to serve its growing global customers for submarine power cables.”
On the decision behind the new factory’s location, LS Cable & System says that, since most of the offshore wind capacity in the U.S. is currently being promoted along the East Coast, the company sees Chesapeake City as the optimal location for bidding for new projects, as well as for shipping and transportation.
“This state-of-the-art facility represents our commitment to pushing the boundaries of technology and engineering,” said President & CEO of LS Cable & System Bon-Kyu Koo. “This facility will not only enhance our capability to meet the growing global demands for submarine power cables, but will also position us at the forefront of the industry.”